Definition of "Robbery"
Use of the threat of violence or actual violence in taking property from someone else's possession. This peril is covered on a personal basis through the purchase of a homeowners insurance policy or renters insurance or on a business basis through a special multiperil insurance (SMP) policy. Specialty items such as coin and stamp collections must be specifically scheduled on a property policy in order for the insured to receive full value for a loss.
Popular Insurance Terms
Combination of contributions of many investors whose money is used to buy stocks, bonds, commodities, options, and/or money market funds, or precious metals such as gold, or foreign ...
Choice of beneficiary in which the death benefit of a life insurance policy is retained by the company to be paid as a series of installments of fixed dollar amounts per installment until ...
Type of insurance providing all risks coverage for personal property of the crew and passengers aboard a ship. Marine cargo insurance does not cover personal property of the crew and ...
Model act written and published by the national association of insurance commissioners (naic) whose purpose it is to regulate brokers who control insurance companies. The act permits the ...
Same as term Contingency reserve: percentage of total surplus retained, in insurance company operations, that serves as a reserve to cover unexpected losses as well as to cover the ...
Court-appointed or commissioner of insurance-appointed custodian to manage the affairs of an insurance company whose management is deemed unable to manage that company in a proper fashion. ...
Method of classifying risks to establish equitable rates. In many property and liability insurance lines, the location of an insured has a significant impact on the loss experience. For ...
Losses representing claims paid. ...
Agreement concerning an insured individual, not the insured's property. A property and casualty insurance contract cannot be assigned, since it follows the insured, not the property. For ...
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